AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.75% against the USD and closed at 0.7964.
LME Copper prices rose 0.5% or $30.0/MT to $6487.0/MT. Aluminium prices declined 0.1% or $1.5/MT to $2066.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7968, with the AUD trading slightly higher against the USD from yesterday’s close.
Earlier today, minutes of the Reserve Bank of Australia’s (RBA) September meeting showed that officials grew more upbeat on Australia’s economic outlook, citing an improving labour market. Although policymakers expressed concerns about rising household debt and a strong local currency.
The pair is expected to find support at 0.7927, and a fall through could take it to the next support level of 0.7886. The pair is expected to find its first resistance at 0.8022, and a rise through could take it to the next resistance level of 0.8076.
Looking ahead, market participants will closely monitor Australia’s Westpac leading index for August, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
